Blake and David look at the potential impact of AI on the accounting profession and discuss how AI tools like ChatGPT can boost productivity by automating tasks, improving communication, and assisting with problem-solving. They also examine the implications of these efficiency gains on the billable hour, predicting that firms will need to adapt their pricing strategies as a result. Finally, they review the results of a recent Accounting Today survey, which reveals accountants' perceptions and concerns about AI in the profession.

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• (02:24) - The inefficiency at Disney World compared to accountants and timesheets
• (09:38) - JP Morgan AI tool cuts human work by 90%
• (11:14) - BofA Cash Pro Forecasting
• (18:29) - Blake checks in on live chat
• (19:11) - Survey on how much people actually want to work
• (27:17) - Kindness initiatives at firms
• (28:26) - Is gratitude better than a pay raise?
• (29:34) - New Accounting Today AI survey
• (40:00) - Blake shares example of how he used AI in his personal life
• (42:36) - Forbes article on ChatGPT prompts for leaders and managers
• (55:29) - Thanks for listening and remember to subscribe

Show Notes

JPMorgan Says Its AI Cashflow Tool Cut Human Work Almost 90%

https://www.entrepreneur.com/business-news/jpmorgan-says-its-ai-cashflow-tool-cut-human-work-almost-90/470682

Accounting's reluctant AI revolution    

https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution

Firms find it’s cool to be kind    

https://www.journalofaccountancy.com/issues/2024/mar/firms-find-its-cool-to-be-kind.html

Bank Of America CashPro Forecasting               

https://business.bofa.com/en-us/content/cashpro-forecasting.html

Americans Don’t Care as Much About Work. And It Isn’t Just Gen Z.
https://www.wsj.com/lifestyle/careers/americans-attitude-work-data-0c2e487c?st=zyx80zw1zyfu1jf

Gratitude is Better Than a Pay Raise for 55% of U.S. Workers, Survey Finds
https://www.cpapracticeadvisor.com/2024/02/29/gratitude-is-better-than-a-pay-raise-for-55-of-u-s-workers/102148/

12 ChatGPT Prompts For Leaders And Managers In 2024

https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page